We’ll be at Greenlake again with so many great family games and activities by the lake.
Crew races featuring your favorite Windermere agents and water activities for all.
Saturday the 14th from 9am to 3pm at the Southwest corner of Green Lake at
5900 W Green Lake Way N
Hot off the press, the Gardner Report on the Western WA housing market. Matthew is always insightful and brings his expert opinion on our local economy, jobs & policies and how they will impact housing. A good read for anyone planning a move in W.WA!
Posted July 25 2019, 11:00 AM PDT by Matthew Gardner, Chief Economist, Windermere Real Estate
Western Washington Real Estate Market Update
The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.
Washington State employment jumped back up to an annual growth rate of 2.4% following a disappointing slowdown earlier in the spring. As stated in the first quarter Gardner Report, the dismal numbers earlier this year were a function of the state re-benchmarking its data (which they do annually).
The state unemployment rate was 4.7%, marginally up from 4.5% a year ago. My current economic forecast suggests that statewide job growth in 2019 will rise by 2.6%, with a total of 87,500 new jobs created.
- There were 22,281 home sales during the second quarter of 2019, representing a drop of 4.8% from the same period in 2018. On a more positive note, sales jumped 67.6% compared to the first quarterof this year.
- Since the middle of last year, there has been a rapid rise in the number of homes for sale, which is likely the reason sales have slowed. More choice means buyers can be more selective and take their time when choosing a home to buy.
- Compared to the second quarter of 2018, there were fewer sales in all counties except Whatcom and Lewis. The greatest declines were in Clallam, San Juan, and Jefferson counties.
- Listings rose 19% compared to the second quarter of 2018, but there are still a number of very tight markets where inventory levels are lower than a year ago. Generally, these are the smaller — and more affordable — markets, which suggests that affordability remains an issue.
- Year-over-year price growth in Western Washington continues to taper. The average home price during second quarter was $540,781, which is 2.8% higher than a year ago. When compared to first quarter of this year, prices were up 12%.
- Home prices were higher in every county except King, which is unsurprising given the cost of homes in that area. Even though King County is home to the majority of jobs in the region, housing is out of reach for many and I anticipate that this will continue to act as a drag on price growth.
- When compared to the same period a year ago, price growth was strongest in Lewis County, where home prices were up 15.9%. Double-digit price increases were also seen in Mason, Cowlitz, Grays Harbor, and Skagit counties.
- The region’s economy remains robust, which should be a positive influence on price growth. That said, affordability issues are pervasive and will act as a headwind through the balance of the year, especially in those markets that are close to job centers. This will likely force some buyers to look further afield when searching for a new home.
DAYS ON MARKET
- The average number of days it took to sell a home matched the second quarter of 2018.
- Snohomish County was the tightest market in Western Washington, with homes taking an average of only 21 days to sell. There were five counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in eight counties and two were unchanged.
- Across the entire region, it took an average of 41 days to sell a home in the second quarter of 2019. This was the same as a year ago but is down 20 days compared to the first quarter of 2019.
- As stated above, days-on-market dropped as we moved through the spring, but all markets are not equal. I suggest that this is not too much of an issue and that well-priced homes will continue to attract attention and sell fairly rapidly.
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I am leaving the needle in the same position as the first quarter as demand appears to still be strong.
The market has benefitted from a fairly significant drop in mortgage rates. With average 30-year fixed rates still below 4%, I expect buyers who have been sitting on the fence will become more active, especially given that they have more homes to choose from.
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
Debuts & Discoveries – Beverage Tasting – Saturday, March 16th from 5-8pm
D&D is a great gathering of new talent from the Seattle beverage world with offerings from wineries, breweries, cideries and distilleries. Food trucks on site as well.
See link for all details & to get tickets.
Enjoy some tasty food and beverages and support Outdoors for All.
Helping children with disabilities get out!
I’ll see you there. https://lnkd.in/dx7hU58
What would you do in your city, as part of your perfect day?
So my perfect day, or morning as I did it today, included coffee in my favorite neighborhood spot, Zoka, while reading an actual newspaper.
A haircut at a new neighborhood barber, Steele Barber and then a trip downtown for a shoe shine; it’s getting harder to find a shoe shine in Seattle. Nordstrom is one of the few places left with a stand?
And then an early lunch at one of my favorite spots in the South End of Lake Union, Re:public.
South Lake Union , SLU, has gone through a complete transformation and is now the hub not only for tech and biotech but also many of Seattle’s best restaurants and cocktail bars.
So many Seattle neighborhoods have great restaurants and not to diminish any of these but SLU is attracting some of the cities most talented chefs. From established spots like Wild Ginger, Serious Pie, Flying Fish and Cactus to new places on the rise like Revel, LOCAL and Henry’s Tavern.
The walkable vibe of this neighborhood with its connection to downtown Seattle on the South Lake Union Trolley (come up with your own acronym) is opening up the area to so many people. And the trolley will eventually link to the Capitol Hill trolley for more regional public transportation.
Click on the map for homes for sale in South Lake Union + Eastlake. Townhouses and condos dominate this area but there are some great old Seattle homes with amazing views of Lake Union scattered around the lake as well.
Hope you can make it out here soon for your Perfect Seattle Day!
My latest neighborhood series – Phinney Ridge in North Seattle just west of Greenlake.
Get the scoop on this super popular Seattle neighborhood in my video and in person.
I’ll be hosting an Open just off Phinney Ridge (Greenwood Ave) this Saturday from 11-2pm.
On tour in Phinney Ridge by Greenlake in Seattle.
Open House, Saturday, 10-20-18, 11-2p.
326 N 78th St.
Thank you Amy Hyden, Windermere Mt. Baker, (listing agent) for the great Phinney Ridge video below!
This quiet destination neighborhood is just northeast of the UW campus with easy access to so many great things – Link station @ UW, Children’s Hospital, University Village shops & restaurants, I-5 + Downtown Seattle.
Boasting some of the best schools in the city, Bryant is a top destination for anyone looking for a peaceful, vibrant and connected neighborhood.
I have to claim bias because I live in NE Seattle too, View Ridge, having moved here just before I married my wife in 2006.
We love the convenience to downtown Seattle but feel we have everything we need right here in the NE.
Our girls love hitting a UW Tennis match or a UW Women’s Softball game; all only minutes from our home.
To hear more about this incredible neighborhood and to see how our real estate market is doing, come see me this Sunday 3-5pm at this great Bryant craftsman.
Cheers, RBJ. – Work with a Friend.